Top 5 Ways a Metaverse Experience Can Enhance Your Brand

The newest marketing buzzword, "metaverse," is prominently displayed when you open LinkedIn, Twitter, or any marketing blog. As of right now, the most basic definition of the metaverse is a virtual environment where humans engage with one another, brands, activities, games, etc. through personas or avatars.

We can enter these virtual worlds using our phones, laptops, gaming consoles, smart TVs, or VR headsets. The world you enter and the access method you select for that world's access determine the experience.

On the technology adoption curve, metaverse technology marketing is still in the early adopter phase. Though some cutting-edge brands have entered this market headfirst, mass adoption is still far from being achieved. The metaverse should be viewed as an extension of all your brand's platforms and channels in the modern era. You don’t need to reinvent the wheel to build a metaverse experience.

All you need to do to add value for your customers is to be creative, understand your target audience, and know how to connect a metaverse experience to your existing channels and initiatives.

What is the metaverse?

A parallel virtual world is essentially what the metaverse is. It consists of various interconnected online spaces where users can interact with one another and shop, trade, travel, and socialize using digital avatars. The idea is to provide you with a world that is drastically different from the one you currently inhabit.

A fully developed metaverse combines a variety of media, including videos, 3D avatars, augmented and virtual reality, and other technologies. Although its actualization might take a few years, you can already see elements of it in the worlds of online video games like Animal Crossing, Fortnite, Roblox, and Minecraft.

What makes the metaverse a good place for marketing?

Consumer behavior has changed in the era of digital dependency. More people are using the internet to learn, work, play, and shop, in part as a result of the coronavirus pandemic. A "phygital" (physical and digital) solution is what the metaverse promises. It aims to alter how we perceive the world by blending the boundaries between real life and virtual reality.

The opportunity to reach new audiences, boost consumer confidence, and investigate a potential revenue stream is presented to businesses by this.

Here are 5 ways a metaverse experience can complement your brand's existing channels and initiatives to make sure you develop a connected and impactful experience.

1. Market virtual products.

It was predicted that virtual goods on gaming platforms would be purchased for over $100 billion in 2021. People have actually paid real money for these virtual goods, and predictions indicate that this trend will continue.

Eliminating the costs of manufacturing and shipping physical goods is a huge opportunity for all brands. There are numerous opportunities for your brand to profit from selling virtual goods, including selling upgrades, online avatars, and virtual versions of physical products.

2. Using NFTs to gain VIP access

One of the hottest technological advancements on the blockchain is NFTs. You receive a unique digital asset from NFTs that you can use to prove your ownership of anything, from real estate to digital art. Offering VIP access is one of the main ways that brands are currently utilizing NFTs to grow their business.

Your brand can sell unique NFTs to give customers exclusive access whenever a new product is released or a special event is held. Customers can even attend events using NFTs so they can offer feedback on brand-new product designs.

3. Metaverse flywheel for gamification

Gamification applies video game elements to non-game contexts. For instance, a video game's reward system is a great way to promote high levels of participation. This rewards system can include tactics that encourage customers to interact with the brand or aid in the dissemination of significant brand news when it is taken out of a video game and applied to online shopping. By giving away virtual rewards that can be redeemed in other parts of the brand's metaverse ecosystem, brands can build their own flywheel in the metaverse.

4. Reach a massive new audience.

Utilizing the absence of geographic boundaries is one of the biggest opportunities for brands to prosper in the metaverse. The metaverse is limitless, unlike a physical store, which can only really reach a certain number of people nearby.

Additionally, it gives you access to a ready-made market to which you can sell, such as the audience for the video game industry (which is larger than the combined audiences for the sports and movie industries). Selling virtual goods like skins and other in-game items is a great way to reach younger demographics. They'll be the ones with the best chances of ruling the metaverse.

A significant component of the metaverse is social commerce, which offers enormous opportunities for all brands. Brands have the ability to create vibrant communities where customers can interact with both the brand and other brand enthusiasts. They can use NFTs in addition to social media platforms to provide VIP access to special events and conferences.

5. Virtual showrooms and product customization

For both customers and brands, virtual showrooms are useful tools. They give customers a way to investigate products more thoroughly before buying them. Instead of making an impulse purchase, customers can try out products virtually to determine whether they like the way they feel and look. These virtual showrooms close the gap between online and in-person shopping and decrease the number of product returns for everything from clothing to furniture.

Product configurators and customizers in the metaverse can help your brand. Users can completely personalize goods like vehicles or sunglasses using these live demonstrations. Users can examine whether their ideal product actually matches what they are looking for by trying it on or viewing it in real-time.

Metaverse technology can expand your business.

The opportunities for your brand to gain from the metaverse's development will keep expanding. To keep your brand on the cutting edge, think about incorporating these five suggestions into your e-commerce strategy. Please share any additional ideas you may have in the comments section.